Wheat Rises on Increased Demand for U.S. Grain; Soy, Corn DropTony C. Dreibus
Wheat rose for the fifth time in six sessions on signs of increased demand for inventories from the U.S., the world’s biggest exporter. Soybeans and corn fell.
Brazil’s Trade Ministry yesterday said it bought 554,963 metric tons of wheat from the U.S. in July, up from 17,391 tons during the same month in 2012. U.S. exports from June 1 through July 25 totaled 4.81 million tons, up 25 percent from the same period a year earlier, Department of Agriculture data show.
“Our export picture has been better than what I thought it would be,” Darrell Holaday, the president of Advanced Market Concepts in Wamego, Kansas, said in a telephone interview. “Those Brazil imports are a factor, and that’s going to keep wheat supported.”
Wheat futures for September delivery advanced 0.4 percent to settle at $6.605 a bushel at 1:15 p.m. on the Chicago Board of Trade. The price rose 1.6 percent this week, the first gain in three.
Soybean futures for November delivery fell 0.9 percent to $11.815 a bushel in Chicago, after sliding to $11.7625, extending a decline to the lowest since January 2012.
Corn futures for December delivery fell 0.7 percent to $4.6375 a bushel on the CBOT, after touching $4.625, extending a drop to the lowest for a most-active contract since October 2010.
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